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USDCAD right on major resistance, potential upcoming drop!

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Tickmill Broker  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD USD CAD usdcadshort usdcadlong usdcadforecast usdcaddaily forexsignals
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trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadshort usdcadlong usdcadforecast usdcaddaily forexsignals
USDCAD is testing major resistance at 1.2580 (Fibonacci extension, Fibonacci retracement, Elliott wave structure, horizontal swing high resistance) and a strong reaction could occur at this level to drive price down to 1.2454 before 1.2414 support (Fibonacci retracement, corrective Elliott wave structure potential. We have to be careful of the intermediate support we find at 1.2454.

Stochastic (34,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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